Quarterly Market Outlook

Q1

Global Equity Market Review And Outlook

 

Global equity performance, as measured by the MSCI All Country World Index, gained by +3.6% during November 2024. United States (“US”) equities reported a gain of 6.1%, Europe lost -1.8% and Japan gained +0.6% in US Dollar (“USD”) terms during the period. Asia Pacific ex-Japan (“APAC”) lost -2.4% (in USD terms), with only Singapore and Australia registering gain of 7.4% and 3.0% respectively. Detractors are the Philippines (-8.2%), Indonesia (-8.0%), Korea (-5.7%) and Thailand (-4.5%) in USD terms.


Q2

Global Equity Market Review And Outlook

 

Global equity performance, as measured by the Morgan Stanley Capital International (“MSCI”) All Country World Index, dropped 4.1% in March 2025. United States (“US”) equities reported a drop of -6.0% while Europe equities fell -0.6%. Japan equities fell by -0.7% in US Dollar (“USD”) terms during the period. The Asia Pacific ex-Japan region (“APAC”) fell 0.7% (in USD terms), with India , Indonesia and the Philippines registering gains of 9.4%, 5.8% and 5.0% respectively. Detractors were Taiwan (-11.7%), Australia (-3.9%) and Malaysia (-3.4%) in USD terms.


Q3

Global Equity Market Review And Outlook

 

Global equity markets staged a powerful rebound in the second quarter of 2025 ("2Q2025"), overcoming April 2025’s volatility and reaching new all-time highs by the end of June 2025. The Morgan Stanley Capital International ("MSCI") All Country World Index rose 11.0% over the quarter. United States ("US") equities gained 11.0%, while European markets rose 9.9%, and Japanese equities advanced 11.2% in US Dollar ("USD") terms. The Asia Pacific ex-Japan region ("APAC") outperformed with an 11.9% gain (USD terms), led by Korea (+32.4%), Taiwan (+25.3%), and Hong Kong (+13.5%). In contrast, China (+0.8%) and Thailand (-0.7%) were notable underperformers in the region.


Q4

Global Equity Market Review and Outlook

 

Global equities continued their momentum in the third quarter of 2025 (“3Q2025”), building on the resilience seen earlier in the year. The Morgan Stanley Capital International (“MSCI”) All Country World Index advanced 6.4% over the quarter to date, with strong contributions from United States (“US”) and Asia. US equities gained 7.1%, while European markets rose 2.2%, and Japanese equities advanced 7.4% in US dollar (“USD”) terms. The Asia Pacific ex-Japan region (“APAC”) outperformed with an 8.5% gain (USD terms), led by China (+16.5%), Taiwan (+12.1%), Korea (+10.2%), and Thailand (17.0%). In contrast, Indonesia (-2.5%), Philippines (-6.4%), and India (-7.0%) were notable underperformers in the region.

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